AN ACT relating to recovery funds and making an appropriation therefor.
Amend KRS 324.410 to redefine the current statutory purposes of the real estate education, research, and recovery fund; broaden the purposes of the fund to include benefiting those seeking a license, licensees, and consumers served by licensees; authorize the reimbursement to the trust and agency account for expenses incurred in subsidizing the programs and activities under the responsibility of the recovery fund; set cap not to exceed $250,000 annually for transfers or reimbursements of funds from the recovery fund to the trust and agency account; direct that the statement of income and expenses of the fund are in accordance with state financial reporting requirements.

HCS/FN - Retain original provisions, except amend KRS 324.410 to broaden the current statutory purposes of the real estate education, research, and recovery fund to include benefiting those seeking a real estate license in addition to those licensed under the chapter, but without including consumers served by real estate licensees, and the advancement of communications and technology in the field; restore the existing language for the current enumerated statutory purposes of the fund rather than removing these purposes; add language to amend KRS 330.192 to include under the current statutory purposes of the auctioneer's education, research, and recovery fund benefiting those seeking an auctioneer license in addition to those licensed under the chapter; authorize reimbursement to the trust and agency account for expenses incurred in subsidizing the programs and activities under the responsibility of the recovery fund; set cap not to exceed $250,000 annually for transfers or reimbursements of funds from the recovery fund to the trust and agency account; direct that the statement of income and expenses of the fund are in accordance with state financial reporting requirements and made available within 120 days after the end of each fiscal year on the board's Web site or through other public media.
HCA (1/Title, R. Rand) - Make title amendment.SFA (1, D. Seum) - Direct the Kentucky Real Estate Commission to hire accountants to conduct an annual independent audit of the commission's financial activities; make the annual opinions and reports of the accountants available to the Governor and the Auditor of Public Accounts; authorize the Auditor of Public Accounts to access and examine the papers and property of the commission; permit the Auditor of Public Accounts to exercise all the powers of that office under KRS Chapter 43 with respect to the commission.